Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A57
36) RESTATEMENTS AND RECLASSIFICATIONS
Certain changes in presentation have been made in these Financial Statements. The changes
had no effect on the operating results or profit after tax for the previous year.
37) COMMITMENTS
At 31 December, 2012, the Group had contractual obligations for capital contributions under
two contracts. Under the first contract there was a capital commitment of $13.4 million
payable over the next five (5) years (2011: $14.6 million). Under the second contract there was
a contractual obligation in the amount of $20.5 million (2011: $26.2 million).
38) CONTINGENT LIABILITIES
During 2011 a claim was instituted against the Corporation with respect to the Dellis Cay
Project. The statement of claim stated that the Corporation owed a duty of care to all the
project investors (actual and potential) to ensure that the representations made with respect
to the financial health, progress and status of the project were accurate.
Legal counsel has advised that though the claim has not been quantified, it may be substantial.
Counsel has advised however that the claim has little probability of success.
Based on Counsel’s opinions and the opinion of the Senior Counsel in this matter, the
Corporation filed an application to strike out the proceedings on the grounds that the claim
disclosed no cause of action against the Corporation. The plaintiffs are expected to file their
response to the strike out application in due course. In the circumstances, no provision has
been made in these Financial Statements in respect of the claim.
39) APPROVAL OF THE FINANCIAL STATEMENTS
These Financial Statements were approved by the Board of Directors and authorized for issue
on 21 February, 2013.
Unit Trust Corporation
Annual Report 2012
